Bank of New York Mellon Corp Cuts Stake in Wingstop Inc. (NASDAQ:WING)

Bank of New York Mellon Corp lowered its position in shares of Wingstop Inc. (NASDAQ:WING - Free Report) by 3.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 242,598 shares of the restaurant operator's stock after selling 7,766 shares during the quarter. Bank of New York Mellon Corp owned 0.83% of Wingstop worth $68,946,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Hollencrest Capital Management lifted its holdings in Wingstop by 53.8% during the third quarter. Hollencrest Capital Management now owns 100 shares of the restaurant operator's stock worth $42,000 after acquiring an additional 35 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Wingstop by 0.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 11,523 shares of the restaurant operator's stock valued at $4,794,000 after purchasing an additional 35 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of Wingstop by 34.9% during the 4th quarter. V Square Quantitative Management LLC now owns 143 shares of the restaurant operator's stock worth $41,000 after purchasing an additional 37 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Wingstop by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 897 shares of the restaurant operator's stock worth $255,000 after buying an additional 47 shares during the last quarter. Finally, Tidal Investments LLC grew its position in Wingstop by 7.8% during the third quarter. Tidal Investments LLC now owns 758 shares of the restaurant operator's stock valued at $315,000 after buying an additional 55 shares during the period.

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Insider Activity

In other news, SVP Raj Kapoor sold 266 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $324.38, for a total value of $86,285.08. Following the transaction, the senior vice president now owns 266 shares of the company's stock, valued at $86,285.08. This represents a 50.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.36% of the company's stock.

Wingstop Trading Up 0.5 %

Shares of Wingstop stock traded up $1.10 during trading on Friday, hitting $219.11. The stock had a trading volume of 480,004 shares, compared to its average volume of 525,362. Wingstop Inc. has a 12 month low of $209.71 and a 12 month high of $433.86. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 59.01, a P/E/G ratio of 2.27 and a beta of 1.81. The business's 50-day moving average is $279.26 and its 200 day moving average is $332.23.

Wingstop declared that its board has approved a share buyback plan on Thursday, December 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Wingstop Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.27 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.08 annualized dividend and a dividend yield of 0.49%. Wingstop's payout ratio is currently 29.11%.

Wall Street Analysts Forecast Growth

Several analysts have commented on WING shares. Benchmark lowered their price objective on shares of Wingstop from $340.00 to $325.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. UBS Group lowered their price target on shares of Wingstop from $330.00 to $300.00 and set a "neutral" rating on the stock in a report on Thursday, February 20th. Wedbush reduced their price objective on Wingstop from $390.00 to $355.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Morgan Stanley lowered their target price on Wingstop from $389.00 to $375.00 and set an "overweight" rating on the stock in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group raised Wingstop from a "neutral" rating to a "buy" rating and dropped their price target for the company from $458.00 to $377.00 in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $357.67.

Wingstop Company Profile

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.